Russia has announced the launch of the digital ruble on September 1

Elvira Nabiullina, Chair of the Central Bank of the Russian Federation, announced that everything is ready for the launch and widespread use of the digital ruble, scheduled for September 1. Starting on that date, all 12 systemically important banks are required to conduct transactions using the new currency, and large retail businesses must accept it as payment. 

At the same time, the regulator unexpectedly withheld the current list of banks participating in the digital ruble platform. The introduction of this third form of money will allow the authorities to fully track transaction histories and monitor the targeted use of budget funds. It is expected that government employees will be able to receive their salaries in digital rubles if they choose to do so, although the Central Bank and the Ministry of Finance of the Russian Federation promise not to impose this option.

Despite technological readiness, most Russians show no desire to use the digital ruble, perceiving it as a “difficult-to-understand abstract concept.” Surveys by VTsIOM and SuperJob have shown that only 10% of the economically active population is ready to switch their entire salary to digital rubles, while another 5% are willing to receive part of their income in this form. Furthermore, amid internet outages across the country and rumors of a possible freeze on deposits, demand for cash is currently on the rise, while the Central Bank’s announced feature for offline digital ruble payments has not yet been implemented. Despite this, the regulator plans to develop the project by introducing smart contracts for businesses and intends to pay banks a commission for disbursing salaries in digital form.

Source: TASS.

Earlier, the finance minister of the aggressor country, Anton Siluanov, and senior officials of the Central Bank of the Russian Federation addressed Putin with serious warnings regarding critical pressure on the state budget. Economic officials emphasize that the current levels of funding for the war against Ukraine pose real risks of an uncontrolled rise in the deficit and the general collapse of the country’s financial system. 

During the party’s pre-election convention, Gennady Zyuganov, leader of the Communist Party of the Russian Federation, issued a statement regarding the possibility of confiscating funds held by citizens and businesses in banks to address economic problems and replenish the budget.